How to go about securing the best savings strategy in Canada.
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Can you use the Home Buyers’ Plan to buy a foreign property? Mar 20th
Ask MoneySense
I am looking to use my RRSP to buy a vacation property in Portugal. How much can I take out tax free?—Andy
Tax implications of buying property in another country
I think you are referring to the Home Buyers’ Plan (HBP), Andy, when you ask about a tax-free registered retirem.... More »
Best in show: How to find and invest in market leaders + MORE Apr 10th
Canadians approach retirement planning in many different ways, but there’s one thing we can all benefit from: a strategy to save enough to retire comfortably and even generate income after we stop working.
But many of us don’t feel financially ready to stop working. According to a 2022 survey.... More »
Making sense of the markets this week: March 3, 2024 + MORE Mar 5th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. And Stephanie Griffiths was an award-winning investor for almost 20 years before returning to her roots in journalism. She is .... More »
How annuities work in Canada + MORE Jul 17th
Annuities are life insurance products that pay a regular income to a purchaser. When you buy an annuity, it’s like buying a pension plan with a lump sum premium paid from your savings. The payments you receive include a return of your original capital and interest income on that capital. It ma.... More »
How much money does the government contribute to an RESP? + MORE Feb 13th
Whether your child eventually goes off to university, enrolls in a college program or is interested in another type of schooling, there’s no way around it: post-secondary education is pricey. In Canada, the average undergraduate tuition fee for the 2022–23 school year was $6,834. Over four yea.... More »
This 28-year-old Halifax resident makes $48,500 and has $20,000 in savings. She’s ready for home ownership. Can she do it?
– thestar.com
Elizabeth keeps her day-to-day costs low by cooking at home, socializing at home and walking to work. With no student debt, she’s ready to move on from renting and buy a property with her partner.
Introducing KOHO, a unique financial service app
– moneysense.ca
Nowadays, consumers can shop around for the low- or no-fee accounts, competitive interest rates, and additional features they want. And banks aren’t the only ones delivering financial services to Canadians. Fintechs, which integrate technologies into the financial sector, have empowered developers and inspired those on the vanguard to rethink financial services altogether. One such product is KOHO, a financial service app Canadians can use for spending, saving and budgeting. Users transfer money to a reloadable prepaid Visa card that serves as a no-fee spending account where you can earn 1.2% interest and instant cash back.
How does KOHO work?
Think of KOHO’s standard savings account as a spending account with pretty good interest (compare KOHO’s 1.2% on your entire balance with traditional banks’ standard 0.05%). It has no fees, no matter how much money you hold. To get that rate, you’ll need to set up a regular direct deposit to your KOHO account (your paycheque or a portion of it; a government cheque; or even a PayPal deposit), and then opt into earning interest inside the app…
How does KOHO work?
Think of KOHO’s standard savings account as a spending account with pretty good interest (compare KOHO’s 1.2% on your entire balance with traditional banks’ standard 0.05%). It has no fees, no matter how much money you hold. To get that rate, you’ll need to set up a regular direct deposit to your KOHO account (your paycheque or a portion of it; a government cheque; or even a PayPal deposit), and then opt into earning interest inside the app…
If you’re over 18 and working, it’s time to start diverting some money into long-term savings to begin building financial security for your future. Pay the tax now in a TFSA, or pay the tax later in an RRSP. Even better? Contribute to both, Lesley-Anne Scorgie writes
This 28-year-old Halifax resident makes $48,500 and has $20,000 in savings. She’s ready for home ownership. Can she do it?
– thestar.com
Elizabeth keeps her day-to-day costs low by cooking at home, socializing at home and walking to work. With no student debt, she’s ready to move on from renting and buy a property with her partner.
As social bubbles, provinces and countries slowly open up again, many people are looking to salvage their travel plans for the year while others think about 2022. Admittedly, there’s still a lot of uncertainty in the world, but that isn’t preventing some providers from tempting lockdown-weary Canadians with discount deals on travel and accommodations.
Locking in savings is usually a win for travellers, but with COVID still rampant in many countries, some people are wondering if it’s worth travelling at all for the foreseeable future. Ultimately, the decision is up to you, but there’s no denying that savings are in the air. Here’s what you need to know about travel right now:
Air travel may or may not be more expensive
The demand for air travel has already increased, and we’re starting to see bigger crowds at the airports and on planes. Airlines will adjust their fleet as needed, but you shouldn’t expect the price of flights to swing one way or another. Similar to before the pandemic, airfare will be based on supply and demand…
Locking in savings is usually a win for travellers, but with COVID still rampant in many countries, some people are wondering if it’s worth travelling at all for the foreseeable future. Ultimately, the decision is up to you, but there’s no denying that savings are in the air. Here’s what you need to know about travel right now:
Air travel may or may not be more expensive
The demand for air travel has already increased, and we’re starting to see bigger crowds at the airports and on planes. Airlines will adjust their fleet as needed, but you shouldn’t expect the price of flights to swing one way or another. Similar to before the pandemic, airfare will be based on supply and demand…